Exhibit 99.2
- ------------------------------------------------------------------------------------------------------------
Selected Quarterly Data as Reclassified (Unaudited) McCormick & Company, Incorporated
Millions except per share data First Second Third Fourth Year
- -------------------------------------------------- ---------- ----------- ---------- ---------- ------------
- -------------------------------------------------- ---------- ----------- ---------- ---------- ------------
2000
NET SALES $462.4 $485.7 $495.9 $679.5 $2,123.5
GROSS PROFIT 163.8 170.5 172.9 297.6 804.8
OPERATING INCOME 36.1 40.9 51.1 96.9 225.0
NET INCOME 24.4 24.2 31.3 57.6 137.5
EARNINGS PER SHARE
BASIC .35 .35 .46 .84 2.00
ASSUMING DILUTION .35 .35 .45 .84 1.98
- -------------------------------------------------- ---------- ----------- ---------- ---------- ------------
1999
Net Sales $441.5 $468.2 $476.8 $620.4 $2,006.9
Gross Profit 145.3 157.7 164.2 250.0 717.2
Operating income 32.6 13.2 41.2 83.1 170.1
Net income before accounting change 18.2 1.0 25.4 53.9 98.5
Net income 23.0 1.0 25.4 53.9 103.3
Earnings per share - basic
Net income before accounting change .25 .01 .36 .76 1.38
Net income .32 .01 .36 .76 1.45
Earnings per share - assuming dilution
Net income before accounting change .25 .01 .35 .76 1.36
Net income .32 .01 .35 .76 1.43
The following reclassifications have been made in the above presentation to the
quarterly results previously reported:
1. The cumulative impact of changing the method of determining the
market-related value of pension plan assets has been reclassified from a
special charge in the second quarter of 1999 to a cumulative effect of
accounting change in the first quarter of 1999.
2. Royalty income, which was previously excluded from operating income in
1999, has been reclassified to be included in operating income. Royalty
income for the first three quarters of 2000 had already been reflected in
selling, general and administrative expenses in the related quarterly
financial statements.
3. Amortization of goodwill, which was previously excluded from operating
income in 2000 and 1999, has been reclassified to be included in operating
income.
The amounts related to the above items by quarter and for the full year are as
follows:
Millions except per share data First Second Third Fourth Year
- -------------------------------------------------- ---------- ----------- ---------- ---------- ------------
- -------------------------------------------------- ---------- ----------- ---------- ---------- ------------
2000 - INCREASE (DECREASE)
OPERATING INCOME
AMORTIZATION OF GOODWILL $(1.3) $(1.3) $(1.3) $(3.3) $(7.2)
ROYALTY INCOME 2.3 2.1 2.6 2.6 9.6
---------- ----------- ---------- ---------- ------------
---------- ----------- ---------- ---------- ------------
1.0 .8 1.3 (.7) 2.4
---------- ----------- ---------- ---------- ------------
1999 - Increase (decrease)
Operating income
Amortization of goodwill $(1.5) $(1.5) $(1.3) $(1.2) $(5.5)
Royalty income 1.4 1.4 1.6 2.0 6.4
Cumulative effect of accounting change - (7.7) - - (7.7)
---------- ----------- ---------- ---------- ------------
---------- ----------- ---------- ---------- ------------
(.1) (7.8) .3 .8 (6.8)
---------- ----------- ---------- ---------- ------------
---------- ----------- ---------- ---------- ------------
Net income before accounting change - (4.8) - - (4.8)
Cumulative effect of accounting change 4.8 - - - 4.8
Net income 4.8 (4.8) - - -